Fewer Summit County real estate transactions in January still raked in more volume in sales compared to the same month in 2021 | SummitDaily.com

Fewer Summit County real estate transactions in January still raked in more volume in sales compared to the same month in 2021

Though this year’s sales are kicking off strong, real estate agents say new short-term regulations could slow things down

Located at 460 Timber Trail Road in Breckenridge, this seven-bedroom, 7.5-bath home sold for $17 million in June 2021, setting a record for Summit County. Last year was a record-breaking year in the local real estate market, and this year is kicking off strong, too.
Jonathan Huffman/Summit Media

Editor’s note: This story has been updated to correct the number of residential sales that were used to find the average price of a single-family home in January.

January is typically a slower month for Summit County’s real estate market, but Land Title Guarantee Co.’s most recent report for the month shows a promising sign: The monetary volume for the month was up 28% compared to January 2021 sales even though the number of transactions was down 23%.

This means that prices are continuing to rise and demand is still strong, even though the number of actual sales are down.

“The average transaction was significantly more and at this point, because of the very, very limited inventory that’s out there, it appears that at least for the foreseeable future in 2022, supply will be constrained and demand will be very strong,” said Dennis Clauer, broker and owner of Real Estate of the Summit Inc.

Using a multiple listing service, Clauer wrote in an email that as of Wednesday, March 2, there are 74 single-family homes, townhomes and condos for sale in Breckenridge, Frisco, Dillon, Silverthorne, Copper Mountain and Keystone that are not deed restricted for local housing. Of the 74 residences for sale, 23 are under construction and not available for immediate occupancy, leaving only 51 residences available for purchase and move-in ready.

For January, Clauer said there were 55% fewer condominium and townhome listings in January 2022 as compared to January 2021.

Because there’s so few options available, buyers are frequently looking outside the popular scopes of Breckenridge and Frisco and are setting their sights on Silverthorne. Clauer said he predicted the town would be the next “hot spot” in the county in 2019. Now that new developments such as Fourth Street Crossing — as well as properties such as Summit Sky Ranch, Apres Shores and Blue River Flats — are popping up, Amy Nakos, managing broker for Your Castle Summit, wholeheartedly agrees.

“If you look at the county as a whole and the availability to build and expand, Silverthorne has the most potential,” Nakos said.

Both Nakos and Clauer pointed out that Breckenridge and Frisco are largely built out, and that the town of Silverthorne has more availability to welcome additional density. According to Land Title’s January report, the town had the highest proportion of sales than any other town. About 19% of sales — 24 transactions — were accounted for during the month of January. During the same time frame, Breckenridge’s sales accounted for 16% of sales and Keystone accounted for 15% of sales. In January, Silverthorne’s real estate transactions totaled $46 million in transactions while Breckenridge’s totaled $31.4 million.

Breckenridge’s increasingly expensive market could also be a reason why buyers are looking elsewhere. Nakos — who has been in the county’s real estate market since 2004 — said she remembers a time when the county was considered to be more affordable than other areas such as Vail or Aspen. Land Title’s report shows that the average price per square foot for properties in the town has reached $1,000, which Nakos said is comparable to those other luxury markets.

Nakos said while the price of real estate is gradually increasing, this singular report might not be the best to go off of. She pointed out that Land Title’s report shows there were 102 residential transactions in January and that these transactions are used to determine the average price of a single-family home for the year. In Land Title’s report, the average price for such a home has shot up to over $2.5 million, a sizable jump compared to last year’s average price of $1.7 million.

The report states there was a home that sold for $12 million and another that sold for close to $7 million in January. There were only five transactions that dealt with sales $500,000 and under. Nakos pointed out that with only 102 sales to calculate from, the data is skewed and the average price of single-family homes appears to be undoubtedly higher. The average price will likely paint a more accurate picture as the year progresses.

There are rumors and worries about what the loom of interest rates and new short-term rental regulations will do to the market, but for now, it appears to be holding steady and tracking well compared to years in the past.

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